1. Technical Field
The present invention relates generally to managing a secure transaction, and in particular, to a computer implemented method for utilizing a user mobile device to securely provide a password for a transaction.
2. Description of Related Art
Consumers utilize credit cards and debit cards to purchase or otherwise acquire goods and services at retailers, on the internet, or in other environments. Several techniques are utilized to maintain the security of such transactions. For example, the user may maintain control over the credit or debit card by swiping the card at a card terminal of a point of sale (POS) terminal. If a personal identification number (PIN) is required, such as with a debit card, the user may enter that PIN through a keypad on the card terminal. In some applications, the clerk manning the POS terminal may request the last four digits of the credit card for manual entry. This helps verify that the credit or debit card is not a clone copy of the magnetic strip of another card.
More recently, mobile phones may be utilized to provide account information through near field communications (NFC) at the card terminal. A variety of techniques are utilized for enabling mobile payments or other transactions worldwide. This includes the user's phone sending a transaction request via a SMS text message to a short code of the mobile phone service provider, which then notifies the merchant of the approved transaction request and applies the transaction to the user's phone account.